For more than 40 years, the traditional view of project management was based on a belief that if you completed the project by adhering to the well - known triple constraint of time, cost, and performance, the project was considered to be successful. Perhaps in the eyes of the project manager and possibly the sponsor, the project appeared to be a success. But in the eyes of the customer or even the parent or sponsoring company ’ s senior management, the project
might be regarded as a failure.

The changing economic climate and the increasingly competitive global environment are driving project managers to become more business oriented. Projects are now being viewed from a strategic
perspective and as part of a business or enterprise for the purpose of providing value to both the ultimate customer and the parent corporation. Project managers are expected to understand business
operations much more so today than in the past. Some companies have begun developing and delivering internal training programs for their project managers specifi cally focused on business processes. As project managers become more business oriented, the defi nition
of project success now includes a business component . The business
component is directly related to value.



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